U.S. stocks were little changed Wednesday, with the S&P 500 hovering near its record high as investors awaited details from the Federal Reserve’s last policy meeting.

The Dow Jones Industrial Average rose 20 points. The S&P 500 gained 0.1% and the tech-heavy Nasdaq Composite edged 0.1% lower.

Shares of reopening plays airlines and cruise lines led the gains, continuing their recent run. Carnival climbed 3.6%, while Royal Caribbean and Norwegian Cruise Line gained more than 2% each. Shares of Southwest American Airlines and United both rose over 1%.

Bond yields continued to retreat from recent highs. The 10-year Treasury yield dipped to 1.65%, its lowest level since March 26. Rising yields had spooked investors recently, sparking a rotation out of growth and into value-oriented areas of the market.

JPMorgan Chase CEO Jamie Dimon was optimistic about the U.S. economic comeback from the pandemic in his widely read annual letter released on Wednesday.

β€œI have little doubt that with excess savings, new stimulus savings, huge deficit spending, more QE, a new potential infrastructure bill, a successful vaccine and euphoria around the end of the pandemic, the U.S. economy will likely boom,” Dimon said in the letter. β€œThis boom could easily run into 2023 because all the spending could extend well into 2023.” (CNBC)

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